Global stainless steel output expected to hit record high this year
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Update time : 2022-03-04 20:53:46
British steel consultancy MEPS forecasted that global stainless steel production will grow by double digits in 2021, mainly driven by expansion in Indonesia and India.
Global production was forecast to rise by 3% this year, hitting a record high of 58 million tons.
In the first nine months of last year, Indonesia's stainless steel production capacity increased significantly, surpassing India and becoming the world's second-largest stainless steel producer. Due to Indonesia's rich nickel ore resources, stainless steel production was forecast to grow by more than 6% in 2022.
In China, stainless steel production declined in the second half of last year due to production restrictions and policy factors. Despite this, production rose by 1.6% for the whole of last year.
Europe's stainless steel production in the third quarter was lower than expected, so last year's total output fell to 6.9 million tons. It was expected that production capacity will continue to recover this year, but supply may exceed demand.
